Tips to Increase Your Cash Inflow for Debt Payments

If you have a high debt to income ratio and you want to afford your debt payments without damaging your credit score, the only option for you is to increase your disposable income. This income is the amount that is left of your salary after removing the expenses for your basic necessities. This is where you will get your debt payment fund.

There are actually two ways for you to increase your disposable income. One is by cutting back on your expenses and the other is by literally increasing your income to add to the extra that you need for credit payments. Your choice will actually depend on your personal preference as any of the two are very effective.

If you have the strength and perseverance to work more, then the latter is your best bet. There are many ways to increase your cash inflow. Here are some ideas that you can consider.

Work longer hours.
If your work can accommodate it, you can ask your employer to allow you to work longer hours and pay you overtime. If you work in shifts, you can probably request that you work at night so you have higher income rates. Or you can ask to work double shifts once or twice a week. You can also request for new projects that are still on the shelf for lack of manpower who has the time to do it.

Get another job.
In case the type of job you have will not permit longer hours (or the company simply cannot afford it), you can always find another job to gain more salary. Look for an employer who can hire you part time. This season, a lot of retailers will be looking for temp personnel to help with the holiday rush customers. See if you can find work in this industry.

Browse the Internet for a Job.
Remote work popularity came at a really great time and this is one option that you can look into. The great thing about this is you can earn income while you are at home. If you are an accountant, you can offer your services to a small business in another country. Or you can look for an online company who provides this service and you can apply to be a member of their roster of professionals. Writers, photographers, web developers/designers and graphic artists can find a lot of opportunities online.

Capitalize on your skills/hobby.
If you can bake, cook, paint, sculpt or whatever hobby that you like to do in your spare hour, capitalize on that. Join the weekend market or sell your products online. These are some of the things that can help you earn while doing something that you love to do.

Sell unwanted/unnecessary/old possessions.
Clean out your house and see if you have items in your home that is just lying around and does not necessarily have any sentimental value, let them go. Sell them online or during a weekend garage sale. Not only will you remove the clutter from your home, you can earn from that too.

Offer your services to family, friends and neighbors.
If you love tinkering in the garage, can do decent gardening duties, these are some of the things that you can offer to do for your neighbors for a certain fee. If you are a stay at home mom, offer to look after the children of your neighbors while they are at work. Instead of hiring a babysitter, they can drop off their kids to you and you can take and fetch them to/from school.

Be creative in choosing how you will earn more. This will take time off from your personal and social life so make every second count.

If things are not working out, maybe you’d like to consider other debt relief alternatives that will help reduce your balance. You can always rebuild your credit - as long as you don’t put yourself in debt once more.

If you wish to know more, visit National Debt Relief to compare top debt solutions like debt management, debt consolidation loans, debt settlement and bankruptcy. Talk with an expert for free and work on the best solution to your credit problems.